First in but not first out
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First in but not first out Is it permitted to identify sold lots in order to minimize realized gains if it does not adhere to First In / First Out? Thanks in advance for any replies. Scott I think but cannot swear that it is industry practice that If you notify the brokerage before the trade is settled, you can inform them of the lots sold. Be sure that your lots recognized in bivio correspond to the lots listed in the broker’s records. Joe > On Jan 5, 2023, at 2:42 PM, Scott Freeman via bivio.com <user*1595500001@bivio.com> wrote: > > Is it permitted to identify sold lots in order to minimize realized gains if it does not adhere to First In / First Out? > Thanks in advance for any replies. > Scott You have four options in TD Ameritrade, FIFO, LIFO, Lowest Cost and Highest Cost. They also have a tax advantage tool that will mine your portfolio for max tax advantage -----Original Message-----
From: Joe Farrell via bivio.com <user*14102900001@bivio.com> To: club_cafe@bivio.com Sent: Thu, Jan 5, 2023 3:51 pm Subject: Re: [club_cafe] First in but not first out I think but cannot swear that it is industry practice that If you notify the brokerage before the trade is settled, you can inform them of the lots sold. Be sure that your lots recognized in bivio correspond to the lots listed in the broker's records.
Joe > On Jan 5, 2023, at 2:42 PM, Scott Freeman via bivio.com <user*1595500001@bivio.com> wrote: > > Is it permitted to identify sold lots in order to minimize realized gains if it does not adhere to First In / First Out? > Thanks in advance for any replies. > Scott Both responses are correct. As long as you notify the broker before the trade settles, you can use any method to identify the shares you are selling. The default setting for most brokers is FIFO, but some brokers will let you choose a different default method which will apply to all trades going forward. bivio uses FIFO as its default. Any time you use a different method at your broker, you need to manually edit your bivio transaction to choose the correct shares. Ira Smilovitz
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